Chris is a brilliant, down-to-earth guy. If you have a great deal and want VC backing and a great guy to join your team, definitely consider going to him. And to the guy who posted something about how hiring a Facebook co-founder is a stupid move -- you, and the rest of the haters on HN, need to get over your utterly obvious jealousy and insecurity. None of you have any clue what you're talking about (including that guy from Harvard).
Paid to have an office in the VC firm and sit in on pitch meetings with new companies. May help bring new deals to the partners. May have his or her own companies that may or may not be funded by the VC in question.
The local state owned biotech investment fund calls them "Executives in Residence" which I think is really funny.
Often, EIR's are paid to sit in VC firms waiting for a company that could use their talent. By virtue of their position, they get to see every cool company in the community and pick where they want to go next. If they aren't dropped in as an exec in a single company, they divide their talent amongst many companies -- working with them to develop the business. Of course, no titles are clear at VC firms.
